The global meatsubstitutes market size is projected to reach USD 8.15 Billion by 2026,exhibiting a CAGR of 8.4% during the forecast period. One of the importantfactors boosting the growth of the market is the propitious aspect ofplant-based products, counted as healthier, sustainable, and eco-friendly.Moreover, the increasing number of vegans around the world will aid in marketexpansion. According to the Vegan Society, the number of vegans in GreatBritain quadrupled between 2014 and 2019. In 2019 there were 600,000 vegans, or1.2% of the population; 276,000 (0.5%) in 2016; and 150,000 (0.3%) in 2014.
As per the report, published by Fortune Business Insights,titled “Meat Substitutes Market Size, Share & Industry Analysis, By Source(Soy-based Ingredients, Wheat-based Ingredients, Textured Vegetable Proteins,and Other grain-based Ingredients), Distribution Channel (Mass Merchandisers,Specialty Stores, Online Retail, Other Retail Channels, and Foodservice), andRegional Forecasts, 2019 – 2026” the market stood at USD 4,340.5 million in2018. The report delivers information on all the prevailing trends and featuresof the market. It offers higher insights and shares an all-encompassingstatement of all the segments. It is put together after vast research followedby profound analysis to help companies, stakeholders, financers and potentialinvestors. It is designed with an aim to provide a clearer picture of themarket, which involves the latest innovations and development, productlaunches, acquisitions, collaborations & partnerships, and others.
Food SecurityConcerns to Uplift Market Potential
The growing concern for food security will be an impellingfactor for the expansion of the market. The increasing population and meatproduction inability to cater to the demand will also bode well for the market.According to the United Nations report, the world’s population is expected toincrease by 2 billion persons in the next 30 years, from 7.7 billion currentlyto 9.7 billion in 2050.
The increasing worry about climate change will contributepositively to the meat substitutes market share. For instance, approximately15% of anthropogenic greenhouse gas emissions come from livestock production.Such trends are expected to encourage key market players to expand theirmeat-substitutes portfolio.
Growing InclinationTowards Veganism to Accelerate Growth opportunities
The increasing popularity of veganism and velleity towardsplant-based (vegan) dietary patterns will boost the meat substitutes markettrends. The rapid decline in meat consumption in the developed market ofWestern Europe and North America is expected to create growth opportunities forthe market.
Furthermore, the increasing awareness about the establishedlink between overconsumption of red processed meat to a variety ofnon-communicable diseases such as cancer, heart disease, stroke, diabetes,liver disease, lung disease, and kidney disease will further favor marketgrowth in the foreseeable future. The increasing pervasiveness of flexitarians,who are often driven to plant-based meat products because of ethical,environmental and health concerns is likely to fuel the demand for meatsubstitutes and therefore, promote market growth.
One of the RecentDevelopments Witnessed in the Meat Substitutes Market:
May 2019: Beyond Meat, Inc. expanded its partnership withZandbergen World’s Finest Meat to produce the brand’s innovative plant-basedmeats at a new manufacturing facility being constructed by Zandbergen inZoeterwoude, the Netherlands.
Browse DetailedOverview of This Research:
https://www.fortunebusinessinsights.com/industry-reports/meat-substitutes-market-100239
